This home is located in a second-row (i.e., across the street from the ocean) community called Portobello I with approx. 13 homes, a community pool, and HOA dues of $224 a month. Developed by Scalise Builders, the Garden City Beach and Surfside Beach market has numerous small communities like Portobello I, II, III and IV and Portofino I, II, III and IV. This home design/style proved exceptionally popular in the market and was replicated over and over either in planned unit developments (PUDs) or individual construction.

There have been few recent sales of similar style homes. We could find only two, and they were from 2011, listed below. In this market, view is paramount. The subject is located across the street with an ocean view between buildings.

The first sale listed below ($475,000) is not across the street from the ocean. However, it is in a community with a row of houses between it and the ocean. The sale at $475K has a view estimated 10% superior.

The second sale listed below, $$335,000) is much farther from the ocean with no oceanview whatsoever, estimated inferior to the subject’s view by an estimated 15% to 20%.

Currently in MLS, the lowest priced Portofino or Portobello property is listed at $498,500.

This is a Lender Approved Short Sale. Ordinarily, we shy away from short-sale listings as they typically take months to close, there’s an inordinate amount of bank negotiating, and often they fall through. But the listing agent has assured us the lender has indeed approved this listing price.